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Core Viewpoint - Neuberger Berman focuses on delivering compelling long-term investment results for clients, driven by a culture of fundamental research and innovation [1] Company Overview - Founded in 1939, Neuberger Berman operates in 39 cities across 26 countries, managing a diverse range of investment strategies including equity, fixed income, private equity, and hedge funds [1] - The firm has a total of 2,850 employees, including 763 investment professionals, emphasizing a commitment to client outcomes and investment excellence [1] Employee and Culture - Neuberger Berman has achieved high retention rates among senior investment staff and has been recognized in the Pensions & Investments "Best Places to Work in Money Management" survey as either first or second since 2014 [1] - As a private, independent, employee-owned investment manager, the firm aligns its structure with the long-term interests of clients, with no external parent or public shareholders [1] Financials - As of June 30, 2025, Neuberger Berman manages $538 billion in assets [1]

Group 1 - Brooks Macdonald has appointed Will Hobbs as the new Chief Investment Officer (CIO), effective from 7 April 2026, pending regulatory approval [1][2] - Will Hobbs has over 20 years of experience in managing global portfolios and investment strategies, previously holding senior roles at Barclays [1][2] - The firm reported total funds under management and advice of £20.1 billion ($26.8 billion) as of 31 December 2025, marking a 5% increase from £19.1 billion at the end of June 2025 [3] Group 2 - Underlying profit before tax for the six months ended 31 December 2025 was £13.6 million, with a profit margin of 23.4% [3] - Revenue for the same period reached £58.2 million, reflecting a 12% increase, primarily driven by growth in financial planning and fee income [3] - The appointment of Hobbs is seen as a strategic move to enhance investment performance, product innovation, and client service at Brooks Macdonald [2]

Core Viewpoint - Invesco is an independent investment management firm focused on enhancing the investment experience for individuals [1] Group 1 - Invesco offers expert investment views through its US Blog, encouraging users to sign up for updates [1] - The firm emphasizes the importance of reading the prospectus and considering investment objectives, risks, charges, and expenses before investing [1] - Invesco does not provide tax advice and highlights the complexity and variability of federal and state tax laws [1] Group 2 - The opinions expressed by Invesco's authors are based on current market conditions and may change without notice [1] - Invesco's investment advisory services are provided by affiliated investment advisers, and they do not sell securities [1] - Invesco Unit Investment Trusts are distributed by Invesco Capital Markets, Inc., and other broker-dealers [1]

Core Viewpoint - Invesco is an independent investment management firm focused on enhancing the investment experience for individuals, aiming to help them achieve more in life [1] Group 1 - Invesco offers expert investment views through its US Blog, encouraging individuals to sign up for updates [1] - The firm emphasizes the importance of reading the prospectus and considering investment objectives, risks, charges, and expenses before investing [1] - Invesco does not provide tax advice and highlights the complexity and variability of federal and state tax laws [1] Group 2 - The opinions expressed by Invesco's authors are based on current market conditions and may change without notice, potentially differing from other investment professionals within the firm [1] - Invesco's investment advisory services are provided by affiliated investment advisers, and they do not sell securities [1] - Invesco Unit Investment Trusts are distributed by Invesco Capital Markets, Inc., and other broker-dealers, including Invesco Distributors, Inc. [1]

Core Viewpoint - Lincoln National Corporation (LNC) is a diversified life insurance and investment management company with a market capitalization of $6.6 billion, offering a range of wealth accumulation and protection, group protection, and retirement solutions through four segments: Annuities, Life Insurance, Group Protection, and Retirement Plan Services [1] Financial Performance - The stock has declined 7.9% over the past year, underperforming the industry's average gain of 3.2%, but the company is positioning itself for growth by focusing on disciplined, profitable business, particularly in the Life Insurance segment [2][8] - The Zacks Consensus Estimate for LNC's 2026 earnings is pegged at $8.00 per share, with revenues estimated at $19.9 billion for the same year [4] - The company has beaten earnings estimates in each of the past four quarters, with an average surprise of 14.3% [4] Growth Drivers - Lincoln National generates revenues from insurance premiums, fee income, and net investment income, reflecting a diversified earnings mix [5] - The Annuities segment remains a major contributor, supported by spread-based products and disciplined pricing and risk management [6] - The Life Insurance segment is being repositioned from loss-incurring operations to higher-return business through pricing actions, enhanced underwriting, and product redesign [6] - Group Protection provides stable earnings through consistent premium income and ongoing pricing and claims management [9] Investment Strategy - The company is actively adjusting its investment strategy, product design, and crediting rates in response to the interest rate environment to support profitability and sustainable earnings growth [5] - Investments in technology, data, and process improvements are aimed at enhancing productivity, distribution effectiveness, and customer experience [9] Financial Metrics - The company reported cash and invested cash of approximately $9.5 billion at the end of 2025, reflecting a significant increase from the prior-year level, while maintaining total debt of about $6.3 billion [10] - LNC's dividend yield of 5.3% remains higher than the industry average of 3.5% [10] - LNC's leverage remains high, with a debt-to-capital ratio of 36.5%, significantly above the industry average of 16.3% [11]

Core Insights - The Principal Financial Group is a global leader in investment management, offering a variety of financial products and services including retirement services, insurance solutions, and asset management [1] - Founded in 1879, the company is a member of the FORTUNE 500 and manages assets totaling $519.3 billion [1] - The Principal serves approximately 19.7 million customers worldwide, with a presence in regions such as Asia, Australia, Europe, Latin America, and the United States [1] - The company is publicly traded on the New York Stock Exchange under the ticker symbol PFG [1] Company Overview - Principal Financial Group provides a diverse range of financial products and services through its family of financial services companies [1] - Insurance products are issued by Principal National Life Insurance Co (except in NY) and Principal Life Insurance Co [1] - Plan administrative services are offered by Principal Life, while Principal Funds, Inc. is distributed by Principal Funds Distributor, Inc. [1] Market Position - The company has a significant market presence with $519.3 billion in assets under management, indicating strong financial stability and capability [1] - Principal Financial Group serves a large customer base of approximately 19.7 million, reflecting its extensive reach and influence in the financial services industry [1]

Core Viewpoint - The article highlights the expertise of Michael Del Monte as a buy-side equity analyst specializing in technology, energy, industrials, and materials sectors, emphasizing his extensive background in professional services across various industries [1]. Group 1: Analyst Background - Michael Del Monte has over a decade of experience in professional services, working in sectors such as Oil & Gas (O&G), Oilfield Services (OFS), Midstream, Industrials, Information Technology, Engineering, Procurement, and Construction (EPC) Services, and consumer discretionary [1].

Core Insights - Zephyr has released the PSN Top Guns Managers of the Decade List for 2025, recognizing exceptional performance in separate accounts, managed accounts, and managed ETF strategies over a ten-year period [1] - The list is based on rigorous quantitative analysis, requiring managers to meet stringent criteria including a 10-year R-Squared value of 0.8 or greater, standard deviation equal to or less than their style benchmark, and outperformance against their style benchmark over the last decade [1] Performance Highlights - The past decade has seen strong U.S. equity returns, with the Russell 3000 index at +14.29% and the S&P 500 index at +14.82% [1] - U.S. high yield bonds and international equities also posted solid returns, with the ICE BofA US High Yield index at +6.45% and the MSCI World Ex. US index at +9.11% [1] - The PSN Top Guns Managers of the Decade represent the pinnacle of investment management success, showcasing resilience and expertise in navigating economic and market challenges [1] Notable Managers and Strategies - U.S. Large Growth Universe includes: - Zacks Investment Management, Inc.: Zacks Focus Growth Strategy (+18.5% for the decade) - Smith Asset Management Group: Cantor Fitzgerald Large Cap Diversif (+18.5% for the decade) - Jacobs Levy Equity Management: Large Growth (R1000 Growth)-Sep. Acct (+19.4% for the decade) [1] - Emerging Markets Universe includes: - PGIM LLC: PGIM Emerging Markets Quant Equity (+10.2% for the decade) - Driehaus Capital Management LLC: Driehaus Emerging Markets Growth (+10.5% for the decade) - Segall Bryant & Hamill: Emerging Markets (+11.7% for the decade) [1] - High Yield Universe includes: - T.Rowe Price: Credit Opportunities Strategy (+7.5% for the quarter) - Shenkman Capital Management, Inc.: Shenkman Capital Multi-Strategy (+7.5% for the decade) - Brandywine Global Investment Management: High Yield (+8.5% for the decade) [1] Zephyr's Offerings - Zephyr's PSN database includes over 2,800 firms, 285 universes, and more than 21,000 products, providing detailed asset breakdowns and compliance information [1] - The PSN Manager Advantage program enhances contributors' reach through promotional and market intelligence packages [1] - Zephyr has launched the "Inside SMAs" podcast to explore SMA strategies, market trends, and industry insights [1]

Price Target Adjustments - Analysts have recently adjusted their price targets for Virtus Investment Partners, with Piper Sandler lowering their target from $218.00 to $206.00 while maintaining an "overweight" rating [1] - Morgan Stanley reduced their price objective from $168.00 to $155.00, assigning an "underweight" rating [1] - Zacks Research upgraded the stock from a "strong sell" to a "hold" rating [1] - TD Cowen decreased their price target from $180.00 to $173.00, also giving a "hold" rating [1] - Barclays reiterated an "underweight" rating with a price objective of $142.00 [1] - The consensus price target for Virtus Investment Partners is currently $169.00, with an average rating of "Reduce" [1] Financial Metrics - Virtus Investment Partners has a market capitalization of $900.41 million and a P/E ratio of 7.96 [2][3] - The company has a debt-to-equity ratio of 0.27, a quick ratio of 11.86, and a current ratio of 11.86 [2][3] - The fifty-day simple moving average is $154.99, while the 200-day simple moving average is $169.54 [2][3] Dividend Information - The company announced a quarterly dividend of $2.40 per share, payable on May 13th, with an annualized dividend of $9.60 and a yield of 7.1% [4] - The dividend payout ratio (DPR) is currently 48.02% [4] Institutional Holdings - Institutional investors hold 80.52% of Virtus Investment Partners' stock [5] - State Street Corp increased its stake by 0.5%, now owning 306,375 shares valued at approximately $49.99 million [5] - Charles Schwab Investment Management Inc. raised its holdings by 1.0%, owning 300,098 shares worth about $48.96 million [5] - Dimensional Fund Advisors LP grew its holdings by 2.4%, now owning 297,128 shares valued at around $48.48 million [5] - Victory Capital Management Inc. increased its stake by 7.0%, owning 245,344 shares valued at approximately $40.03 million [5] - American Century Companies Inc. raised its position by 23.8%, now owning 155,881 shares worth about $29.62 million [5] Stock Performance - Virtus Investment Partners' stock price recently hit a new 52-week low of $131.87, with the last trade at $133.28 [7]